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Don’t leave it to the last minute to plan for the next generation.
In all successful businesses the issue of succession from the current owner to the next generation inevitably comes up, but all too often business owners wait until the last minute to form a proper succession plan - by which time many options are already closed.
Once the business has survived the start-up stage, the founder should begin giving consideration to succession, regardless of his or her age.
A good business succession plan should mean that you can:
There are some essential elements to ensuring a smooth business transition:
A succession plan, or any form of exit strategy will require careful planning. Besides the legal complexities, steps must be taken to ensure that you minimise the tax liabilities and maximise your financial gains. These are areas in which we have experience and expertise. Call us if you would like further guidance.
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